Yale University has been scrambling to cut its expenditures by $350 million a year in order to deal with a 25 percent decline in the value of its endowment after the recent collapse of the financial markets: from a 2008 high of nearly $23 billion to less than $17 billion currently. Budget-cutting measures at Yale […]
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I once asked a pilot friend if he didn’t tire of the lumbering, leviathan commercial airliner he flew. He surprised me by saying that a 747 can handle like a Lamborghini if ever it needed to. A bit of that seems to be underway in Hanover, New Hampshire, where the new president of Dartmouth College, […]
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As an observer of the national political scene for over a half of a century, and as a former employee of the U.S. Senate, I have seen a lot of political sleaze and chicanery. But nothing tops what happened as the Congress, using a relatively arcane procedure designed to correct spending excesses in budget bills, […]
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All across the country there were demonstrations on March 4 by students (and some faculty) against cuts in higher education funding, but inevitably attention focused on California, where the modern genre originated in 1964. I joined the University of California faculty in 1966 and so have watched a good many of them, but have never […]
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On March 5th in the Wall Street Journal, Peter Robinson penned an op-ed on the California higher education budget crisis entitled “The Golden State’s Me Generation”. Robinson begins not with the finances behind the tuition hikes and protests, but rather with the framing of the reaction. He cites participants in the “Strike and Day of […]
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Both the Chronicle of Higher Education and Inside Higher Ed have reported on a newly-released study regarding faculty salaries from the College and University Professional Association for Human Resources. Both articles highlight how, in the past year, around a third of professors around the country have seen their salaries reduced. (Only at private, research universities […]
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By Daniel Bennett Thousands of students on more than a hundred college campuses joined together symbolically yesterday to protest sharp tuition hikes. The students pointed the finger at hard-pressed state and local governments. That was a mistake. State and local subsidies to public colleges and universities increased by 44% in real (inflation-adjusted) dollars during the […]
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Alan Michael Collinge is back in his gadfly role agitating against the student loan industry. Collinge is the author of last year’s The Student Loan Scam: The Most Oppressive Debt in U.S. History—and How We Can Fight Back (Beacon Press) and founder of the website studentloanjustice.org, dedicated to, among other things restoring the bankruptcy protection […]
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Ruth Simmons, president of Brown University, quit the board of directors of Goldman Sachs, citing the “increasing time requirements associated with her position as President.” What she didn’t cite were the two or three weeks of steady criticism from financial analysts and students and the student newspaper in response to belated awareness of her lucrative […]
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Middlebury College is expected to announce a plan to hold the annual rise of tuition to one percentage point above the inflation rate. This announcement will likely be greeted with praise. But why? Costs may be held down in comparison with other colleges, but the bedrock assumption here is a familiar one: tuition must go […]
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President Obama has made reforming federal assistance to college students—with the aim of making it financially easier for more of them to obtain their degrees—-a centerpiece of his administration’s goals. In his State of the Union address on Jan. 27 he called for expanding the Pell grant program that currently serves about 7 million low-income […]
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College investments dropped 23 percent in 2009, the most disastrous year since the National Association of College and University Business Officers began compiling investment statistics in 1971. Two observations can be made about NACUBO’s report, issued last week: One is: The richer the institution, the harder the fall, generally speaking. Harvard, the nation’s wealthiest university […]
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The headline in the East Bay Express a few weeks back probably didn’t surprise people in California, bracing as they have been for funding shortfalls in government services, including education: “Berkeley High May Cut Out Science Labs”. The first few words of the story delivered the distressing news that the School Governance Council had decided […]
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The New York Times reports today on a new marketing gimmick for colleges seeking to boost applications during this recession-plagued time when every tuition-paying body in a classroom counts: the fast-track application form that allows some high school seniors seeking admission to bypass the usual fees of $50 or so, the tedious filling out of […]
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The New York Times’ “The Choice” blog is running a helpful question and answer series on the Free Application for Federal Student Aid. Take a look if you’re puzzling through the process of filling the thing out.
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Why do our for-profit colleges seem so disappointing? Why are they plagued by high levels of student debt, high loan-default percentages, dismal graduation rates, and third-rate reputations that lead some employers to reject their graduates automatically? Sure, back in the old days there were plenty of commercial schools whose sole raison d’etre was apparently to […]
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By Frank J. Macchiarola and Michael C. Macchiarola Why do law schools charge higher and higher tuitions that keep outrunning the cost of living? In the two decades ending in 2007, according to the American Bar Association, the cost of attending the average private law school (including tuition and fees) more than tripled–increasing from $8,911 […]
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Shortly after his inauguration in January President Obama announced a proposal to get rid of a 44-year-old program known as the Federal Family Education Loan (FFEL) program. In the FFEL system, the federal government guarantees loans to students from private banks and similar institutions under a variety of programs (the best known is the so-called […]
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The Gates Foundation has just released a report “With Their Whole Lives Ahead of Them” on why students fail to finish college, which might seem a timely topic amidst recent hand-wringing about our persistent failure to actually get students to a diploma. The problem, as with about all studies on this topic, is that it […]
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“Weighing The Value Of That College Diploma” in the Wall Street Journal. Take a look.
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The Obama administration – along with many in the opinion elite – is looking to the nation’s two-year community colleges as the primary vehicle to ramp up future Americans’ level of post-secondary educational attainment. A down payment in this direction are the billions of dollars of direct and indirect community college aid included in the […]
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As a regent of the University of California (UC), I voted against “fee” increases proposed by the administration as often as I voted for them, but with each vote I realized that UC was slowly moving toward the day when basic decisions would have to be made about how the university is financed, who can […]
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The College Board’s “Trends In Pricing” report, released this week, reveals that public university tuition rose by an average of 6.5% this fall while private university costs increased by only 4.4%. The discrepancy is no surprise, in an atompshere of reduced state education budgets, declining out-of-state enrollment, and notable increases in in-state applications (and attendant […]
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President Obama’s call for an increase in college graduation rates and the establishment of a $2.5 billion college completion fund begins to address a vexing issue for those of us employed in higher education, namely, how do we make the United States more economically competitive in a world that demands a well-trained, college-educated workforce? The […]
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Community colleges stand to be major beneficiaries of the massive Student Aid and Fiscal Responsibility Act passed by the House on Sept. 17, with about $9 billion in federal dollars to be directed their way if the bill becomes law. Community colleges, as locally based, take-all-comers institutions that typically offer two-year degrees for minimal tuition, […]
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Some faculty members in the University of California system plan to stage a walkout starting on Sept. 24—which also happens to be the first day of classes at several of the system’s 10 campuses. The aim of the walkouts is to protest an $813 million cut in state funding for the university system during the […]
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Of every 100 kids who enter American high schools, only about 20 obtain a bachelor’s degree within a decade. That is why the proportion of adult Americans with baccalaureate degrees is rising relatively slowly, and why the U.S. has fallen behind a number of other nations in the proportion of young adults with college degrees. […]
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“Fear of Debt Changes College Plans” from USA Today.
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“How To Pay For College As An Adult” from Forbes
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During my twelve-year term as a Regent of the University of California (UC), I served for several of those years as Chairman of the Committee on Finance, which has jurisdiction over the budget of the UC system. Adopting a budget was among the most complex and painful tasks that confronted the Board. For me, the […]
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